Papers of John Adams, volume 19
The Letter from the Board of Treasury of the 4. of April, in which this is inclosed, I received open, on Fryday, together with the Bills for 75,000 Guilders mentioned in it.1 I went immediately to Mr Ruckers House with them: but no one was at home, but a Servant, who told me, his Master and Mistress were in the Country, and the Clerk not at home. on Saturday, I went again. The Clerk was then at home, and told me Mr Rucker had left the Kingdom.2 This day, I Sent a Notary Public, and to him the Clerk Said the Bills must be protested. The Notary has accordingly protested them and I Shall Send the Bills back with the Protest, by the first Ship for New York. This Catastrophy has Shocked me, and will be a great disappointment to the Board of Treasury, who no doubt have Sold Produce, to purchase these Bills. I think it my Duty to Send them back without Loss of Time. I am now convinced that We Shall not be furnished wth Remittances, in Season to pay the whole of the Interest in June. I pray you to write me, how much will be deficient and what Methods We can take to Supply it.
With great Regard &c
LbC (Adams Papers); internal address: “Messrs Wilhem and Jan Willink / Nicholas and Jacob Vanstaphorst.”; APM Reel 112.
With this letter, JA forwarded the Board of Treasury’s instructions to the bankers of 4 April, above.
That is, John Rucker, a New York partner of Robert Morris, and his wife, Jane Marshall Rucker. Morris had given bills of exchange amounting to 75,000 florins to the Board of Treasury, with which it intended to pay the June 1787 interest on the Dutch loan. Rucker planned to pay the bills out of his own funds, which would be reimbursed by Morris’ tobacco sales in France, but foul weather delayed the American tobacco shipment. When the Farmers General refused to advance more funds, Rucker’s uncle, John Anthony Rucker, threatened to disinherit him if he accepted any more American bills. In a panic, the younger Rucker fled Europe, and he died in New York City a year later (vol. 18:290;
AFC
, 8:27, 43, 82–83; Morris, Papers
, 9:329, 418; Winter, Amer. Finance and Dutch Investment
, 1:287).
In order to pay the June 1787 interest and secure American credit in Europe, JA hastened to Amsterdam to contract a third loan (to the Willinks and Staphorsts, 22 May, below).